theScore reports record results
theScore announced the financial results for the three and 12 months ended August 31, 2019.
theScore launched its mobile sportsbook ‘theScore Bet’ in New Jersey in September after receiving regulatory approval by the New Jersey Division of Gaming Enforcement during Q4. Developed natively for iOS and Android devices, theScore Bet is a comprehensive mobile sports betting platform, uniquely integrated with theScore’s popular sports app to provide an immersive and holistic sports betting experience.
theScore announced a major expansion of its U.S. mobile sports betting business, securing market access rights to offer online and mobile sports betting and i-gaming applications in an additional 11 states via a 20-year market access framework agreement with Penn National Gaming Inc., North America’s largest regional gaming operator. Penn National also took an equity stake in theScore, subscribing for US$7.5 million of Class A Shares as part of a US$10 million Private Placement, alongside other investors.
theScore secured a $40 million strategic investment from a fund managed by Fengate Asset Management to fund the growth and development of theScore’s media and sports betting businesses.
theScore achieved a new Q4 revenue record of $6.4 million. This compared to $5.1 million in revenue for the same period last year, with year-over-year growth of 25% led by strong performances from direct sales in the U.S. and Canada.
theScore achieved a new Q4 record for average monthly user sessions on theScore sports app. Average monthly sessions reached 272 million during Q4 F2019, year-over-year growth of 6%, with users opening it an average of 75 times a month each.
theScore’s social sports content reached approximately 142 million users in Q4 F2019, a new quarterly record and year-over-year growth of 150%.
Total video views of theScore’s esports content also achieved a new quarterly record of 85 million, year-over-year growth of 157%.
“theScore Bet is live and taking bets in New Jersey, capping one of the most significant quarters and fiscal years in our history,” said John Levy, Founder and CEO of theScore. “Not only did we successfully launch our new sports betting platform in the fast-growing New Jersey sports betting market, but we also secured market access rights for an additional 11 states via a highly-coveted partnership with Penn National Gaming.
“Along with New Jersey, this provides us with potential market access to offer mobile sports betting to about 30% of the U.S. population. We continue to explore strategic opportunities to bring theScore Bet to as many states as possible and are well capitalized to execute on our vision following the $40 million strategic investment by Fengate.
“It was also a record Q4 for advertising revenue in our media business, powered by strong direct sales deals in the U.S. and Canada, while records were also broken for Q4 engagement on our sports app as well as consumption of our esports and social content. The continued growth of our media business, combined with our unique and differentiated entry into the sports betting space, puts us in a strong position as we enter fiscal 2020.”